US500 closed the week at 4180.60 below 4191.9 new all-time high. The outlook is bullish, so the index could resume its upwards movement. USD’s depreciation helped the US stock market to hit new records.
Any temporary retreat could help the buyers to go long and catch a new upside momentum even if the rate is located at historical highs. Technically, US500 (S&P500) has validated more gains ahead. Still, we need to search for good risk to reward entries as the market could drop anytime from the highs.
US500 is traded right above the weekly R2 (4168.3) after invalidating a potential corrective phase. The rate has registered only false breakdowns through the uptrend line offering good long entries.
The index is trapped within an up channel, so the outlook remains bullish as long as it stays inside of this pattern. The next major upside target is seen at the channel’s upside line.
The last false breakdown through the uptrend line followed by a new higher high represented a good long entry. Now we have to wait for a fresh bullish signal before going long. Confirming its breakout above the R2 could bring a new opportunity soon.
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